(KPL) Thailand's Kasikorn Bank (KBank) has expanded its business operations by opening its new headquarters in Vientiane Capital.

The grand opening of the Headquarters of Kasikorn Bank was held in Sisaket village in Vientiane Capital on March 13.

Kasikorn Bank entered the Lao PDR at the end of 2014 and has two branches in Vientiane Capital, which aim to serve customers and facilitate networks of investors in Laos, the Managing Director of Kasikorn Bank, Mr Phiphit Aneknithi, said at the opening.

The bank is also an economic centre link in the Lao PDR and has its eyes on the increase of deposits and business loans in Laos with a target to release loans of 1.8 trillion Thai baht (50.9 billion USD) in 2017.

KBank is looking forward to be a key driver of growth for the regional economy, particularly for markets in Laos and ASEAN member countries.

Over the last three years, KBank has joined hands in supporting the policies of the Lao government, including providing a loan of 300 million Thai baht (8.5 million USD) toElectricité du Laos towards developing electricity networks in rural areas of Laos and exporting electricity to neighboring countries.

The bank has also developed its products and services in financing in response to customers’ demands in Laos.

The Governor of the Bank of Laos, Mr Somphao Faisith, believes that the headquarters of Kbank will be of good service to customers and a bridge for trade promotion in Laos so as to support future business growth.

Currently, there are 42 business banks operating in Laos, which are under the control of the Bank of Lao PDR. These banks have contributed to the socio-economic development of the country, Mr Somphao said.